Daily Big Picture – Bulls Lead The Market To Record Highs Amidst Volatility

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Today’s Action:

Benchmark indices started the day on a positive note; however, as the day progressed there was some volatility observed in today’s trading session.

Daily Market Review:

The Indian market made a positive start to the week with both the indices extending their gains in today’s trading session. The key indices made an intraday all time today, as investors remain bullish in their approach to investing. Broader indices outperformed the frontline indices today.

The Nifty started the day at 10,353.85 and made an intraday all-time high of 10,384.50. After falling down till 10,344.30 it finally settled at 10,363.65 with gains of 0.39%. The BSE Sensex also made a fresh high of 33,340.17 on an intraday basis today. It opened today at 33,260.10 and went down till 32,206.93 before gaining 0.33% for the day to close at 33,266.16.

The Nifty Midcap and the Nifty Small cap also put up a great show today, they outperformed the benchmark indices with gains of 1.11% and 1.62%, respectively.

The market breadth, indicating the overall health of the market, was in favor of gainers today. On the NSE, 1,023 stocks advanced, compared with 501 stocks declining, and 37 stocks remaining unchanged.

Most sector indices ended in a positive territory, with the top-three sectors Nifty Realty, PSU Bank, and Pharma gaining 2%, 1.22%, and 1.09% respectively, whereas Nifty FMCG, IT, and Metal lost 0.69%, 0.07%, and 0.03%, respectively.

The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained 1.28% today.

In Stock talk, Lupin reported its Q2 FY 2018 earnings today, the Company reported a 31% y/y fall in the net profit of INR 455 crore beating the consensus estimates as a result of which the stock surged 8% intraday in today’s session.

IOC got an approval to augment its capacity of pumping stations to 6M tons per annum located at Vadodara, Pali, and other allied facilities. For this expansion, the Company is planning to invest INR 274 crore. This should increase top line for the company going forward.

As per media reports, Tata sons plans to invest INR 30,000 crores in Tata Teleservices. The stock was trading more than 4% intraday.

Both the Sensex and the Nifty observed a lower trading volume, compared to previous trading session. The distribution day count remains at two, for both the indices. The market status remains at Confirmed Uptrend.

Current Outlook:

– Market environment conducive for new purchases, but remain selective.

– Focus on fundamentally strong stocks breaking out of strong technical patterns.

– Stay disciplined and exercise sound buy and sell rules.

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